Nordex SE

Efficient Multi-Banking Platform – From Uruguay to China​

Nordex_HEADER

Efficient Multi-Banking Platform – From Uruguay to China​

Nordex SE is one of the international market leaders in the wind power industry and focuses mainly on producing, erecting and maintaining wind turbines. The company, which is listed on the German TecDax, was founded in 1985 and operates globally with 56 subsidiaries. Following the takeover of the wind power division of the Spanish Acciona Group, Nordex has 4,800 employees and achieved a pro-forma turnover of 3.4 billion EUR in 2015. As a true global player, they’re active all around the world – including in locations such as Pakistan, India, Uruguay or Chile.

The Challenge

The treasury department has the important responsibility of managing and guaranteeing group-wide liquidity and of monitoring payments worldwide. For local payments, Nordex is connected to a number of local banks who often provide bank-proprietary online banking solutions. As a consequence, the treasury department had to handle a large number of logins and tokens. Moreover, regulations and country-specific characteristics make payment processing complex: topics such as the use of checks (e.g. in the US, India and Pakistan), trapped cash, or regulatory requirements like Know Your Customer (KYC) or US FATCA tax reporting need to be taken into account. This is why Nordex’s main focus is on replacing the multiple online banking systems with one central platform for managing global payments.

 

The Solution

Nordex has been using BELLIN’s TMS to centralize treasury processes while factoring in specific local requirements in the subsidiaries. The ongoing consolidation of bank connections is meant to make payment processes more efficient and to capture all cash flows in one single system in real time.
For over 95% of all accounts used worldwide, Nordex uses EBICS and SWIFT to exchange statements. While for payments the focus is on five main banks, they can also communicate with nearly all local banks directly from tm5 via SWIFT. In the rare cases where local account statements or payment orders cannot be processed automatically, they’re entered manually and uploaded to the platform. The Nordex treasury department is now always on top of group-wide liquidity – and in real time. In addition to receiving account statements, Nordex also uses the payment platform with integrated BELLIN SWIFT Service for payment orders and the processing of their FX deals worldwide.
With automated account statement collection, integrated payments and the use of FX deal confirmations, Nordex is ideally placed to meet the global banking challenges of tomorrow.

Key Facts
Industry
Wind power industry
Founded, Headquarters
1985, Hamburg | DE
Employees
5,600 employees
Companies
20+ subsidiaries in 80+ countries
Annual turnover
Pro-forma turnover EUR 3.4 billion
Modules in use
LM, TT
With BELLIN since
January 2009
Visit Nordex SE

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